Commercial International Bank (CIB) has today pledged support for traders across East Africa seeking to directly conduct business in Egypt. CIB made this announcement during the first Kenya-Egypt Forum in Nairobi where the bank highlighted its role in facilitating trade for Egyptian businesses currently working in Kenya.
“Over the past two years, we have played a great role in funding trade and investment opportunities for Egyptian companies doing business with Kenya. Since we now have a solid footprint in Kenya, we have provided a seamless platform for businesses to unlock growth opportunities and we see that we can play an integral role in doing the same for Kenyan companies doing business with Egypt,’’
noted Ms. Daphne Maina, the Ag. CEO of CIB Kenya during the event.
Ms. Sheila Kyarisiima, an Independent non-Executive Board Member of CIB Kenya noted that the bank will invest in deepening the trade networks in Kenya and Egypt to capitalize on the under-tapped potential of Intra-African trade that could significantly contribute to creating new business opportunities and markets in both countries and as a result to the greater national economic development goals of both Kenya and Egypt.
Egypt is shifting its economic strategy by enhancing collaboration with sub–Saharan Africa through public-private partnerships like the Kenya-Egypt forum that attracted 40 Egyptian companies among them construction, transport, water, tourism, manufacturing, and healthcare. CIB  is playing a critical role in this and has coordinated the event in close collaboration with Kenya’s Ministry of Investment, Trade & Industry, and the Arab Republic of Egypt Embassy in Nairobi.
The high-level Egyptian government delegation at the forum was led by the Minister of Foreign Affairs, the Minister of Electricity & Renewable Energy, and the Minister of Trade & Industry.
” As a new entrant into the Kenya banking sector, we feel we have been welcomed with open arms by clients and regulators and so I have no doubt that Egyptians wishing to do business in and with Kenya will not only find it fertile ground full of opportunities but will also be supported and assisted by those in government and the regulatory bodies to ease your way into this great market.’
noted Mr. Essam El Wakil, Independent Board of Directors & Chairman Board Risk Management Committee of CIB Kenya giving his remarks.
CIB is playing a critical role in fostering trade between Kenya and Egypt due to its presence in the two countries. The bank’s niche lies in facilitating exports and it is working to grow business links between the two countries such as with tea, where Egypt is the second-largest market for Kenyan tea exports.
Kenya also exports coffee, nuts, meat, wheat and flowers, skin and hides as well as live animals to Egypt. On its part, Egyptian businesses export fertilizer, textiles, building materials, medicines, vehicles, electronic appliances, electricity accessories, and sports equipment among others.
CIB, which entered into the Kenyan market four years ago, via acquisition of Mayfair Bank, is Egypt’s largest private sector lender by assets over $24 billion and is listed on both the Egyptian and London stock exchanges.
